Howard Marks, co-founder and co-chairman of Los Angeles-based distressed debt investor Oaktree Capital Management, slammed Bitcoin for not having any substance — while saying investors are merely speculating on its price without being able to judge its intrinsic value.

Marks took part in CNBC’s eighth annual conference for institutional investors – Delivering Alpha — which was held in New York, where he expressed his rather negative sentiment towards the first and foremost cryptocurrency.